mdj1234

1 Contributions 46 People Helped

Member Since: March 2013

About Me: I am a Personal Banker with over 10 years within the Financial Industry, capable of offering solid, sound financial advice from both my personal and professional experience.

Most Helpful Contribution

Will a bankruptcy come off automatically?

Mar 05, 2016
Concerning Bankruptcies
Helpful to 46 out of 58 people

Typically Bankruptcies will stay reported on your Credit Report for 10 years (per  Fair Credit Reporting Act (FCRA) ). However, fortunately, most of the Credit Reporting Agencies will remove then after 7 years has passed. This is also true regarding paid collections or other similar negative information on your Credit Report effecting your Score negatively. Bankuptcies are Public Record/Information, therefore you can easily find and check them out yourself using Public Access to Court Electronic Records (PACER) system. 

Please note that most accounts included in the file will be removed prior to the actual Bankruptcy. The great news is that the Credit Agencies track these and remove them for you automatically. So no need to contact them yourself. Just during this period, it is vital to ensure what is on  your report is accurate.

It is very important to note that once your bankruptcies is removed to begin rebuilding and reestablishing credit history. One suggestion is taking advantage of using a Secured Credit Card. While this will avoid debt because you are securing the credit card with your own monies, it is important to treat it the same as a unsecured credit card. The reason is because it also gets reported to the credit agenies. So use it wisely, pay on time, and manage well. 

Hopefully this information is useful and addresses your question, which was a great one!

Activity (1 Total Contributions)

Will a bankruptcy come off automatically?

Mar 05, 2016
Concerning Bankruptcies
Helpful to 46 out of 58 people

Typically Bankruptcies will stay reported on your Credit Report for 10 years (per  Fair Credit Reporting Act (FCRA) ). However, fortunately, most of the Credit Reporting Agencies will remove then after 7 years has passed. This is also true regarding paid collections or other similar negative information on your Credit Report effecting your Score negatively. Bankuptcies are Public Record/Information, therefore you can easily find and check them out yourself using Public Access to Court Electronic Records (PACER) system. 

Please note that most accounts included in the file will be removed prior to the actual Bankruptcy. The great news is that the Credit Agencies track these and remove them for you automatically. So no need to contact them yourself. Just during this period, it is vital to ensure what is on  your report is accurate.

It is very important to note that once your bankruptcies is removed to begin rebuilding and reestablishing credit history. One suggestion is taking advantage of using a Secured Credit Card. While this will avoid debt because you are securing the credit card with your own monies, it is important to treat it the same as a unsecured credit card. The reason is because it also gets reported to the credit agenies. So use it wisely, pay on time, and manage well. 

Hopefully this information is useful and addresses your question, which was a great one!